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what is accrual basis of accounting?explain in detail?
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Answer Posted / dharmendra jha
Accrual basis means something that becomes due especially
an amount of money that is yet to be paid or received at
the end of the accounting period.
The accrual concept under accounting assumes that revenue
is realised at the time of sale of goods or services
irrespective of the fact when the cash is received. For
example, a firm sells goods for Rs 10,000 on 20th March
2010 and the payment is not received until 10th April 2010,
the amount
is due and payable to the firm on the date of sale i.e.
20th March 2010.
It must be included in the revenue for the year ending 31st
March 2010.
Similarly, expenses are recognised at the time services
provided, irrespective............
| Is This Answer Correct ? | 37 Yes | 6 No |
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